Monday, November 8, 2010

Preemptively Destroying the CFPB

The lesson the Administration seems to have taken from the midterm elections is that people were clamoring for them to be more owned by the banking industry:
MELISSA BEAN FLOATED AS CFPB HEAD – Buzz on Friday had Rep. Melissa Bean (D-Ill.) possibly getting tapped as the first Consumer Financial Protection Bureau head depending on the outcome of her too-close-to-call reelection race, in which Republican Joe Walsh maintained a slight lead as of Sunday afternoon. But a possible Bean nomination is not sitting well with reformers on the left who say the moderate Illinois congresswoman is far too close to the banking industry. Said one administration official: “It’s not clear she would be acceptable to the reformers.
I disagree with that last sentence. It's pretty fucking clear that she would not be acceptable to reformers.

If you had asked me to make a list of the worst people to make head of the CFPB, Melissa Bean would be very close to the top. Jane Hamsher breaks down her record:
That's a fucking shit show.

If the White House nominates Melissa Bean it shows they have absolutely no interest in keeping with the goals of the CFPB, and are 100% captured by the banking industry. The classic Republican tactic is not to destroy the institution, but to put someone in charge that has absolutely no intention of doing the job. Installing Mellisa Bean at the CFPB would do exactly that.

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